Wealth and Investments

Employee Financial Wellness

Share

Zen and the Art of Employee Financial Wellness

Employees facing fewer financial worries and distractions; employers benefitting from a more focused, engaged, and productive workforce — employee financial wellness programs can help employees find balance and control over their finances, now and throughout their lifetime. Improving employees’ financial wellness can lead to heathier employees, reduce absenteeism and lower turnover rates while raising employee satisfaction and improving the employer brand. However for financial wellness programs to be successful they need to do more than just provide education they need to result in employees taking appropriate actions that lead to financial success.

Helping Employees Throughout Their Lives

Mercer’s approach to employee financial wellness focuses on engaging employees throughout their lives, with a focus on guiding employees towards action. The objective is to help employees reach their goals for every stage of their “financial lives,” whether it’s saving for a house, a car, college, or retirement.

Result in improved physical health (people with high levels of financial stress are more prone to sickness).

Increase employee engagement and retention.

Create more affordable retirement opportunities for all employees and enable career advancement opportunities for younger employees.

Having a clear understanding of the business benefits of financial wellness, integrated within the overall wellness and HR talent/acquisition strategy ensures corporate commitment and is key to a successful financial wellness program.

The Human Side of Data

Our methodology relies on data analytics to provide insights into employee behaviors. We use statistical analysis to isolate demographic and behavioral characteristics to find the most successful programs and tactics for employees. We then also craft “personas” from the data to increase employee engagement. Our goal is to help employers develop a sustainable approach to financial wellness that improves outcomes for employees. To better ensure that both employees and employers derive maximum value, we can also perform a cost-benefits analysis.

Vendor Research and Monitoring

In the US there are well over 300 financial wellness vendors. They operate in a market that is not well-established, and is evolving at a rapid pace. The companies themselves are young, with limited track records. In such an environment in-depth vendor research and ongoing vendor monitoring is essential, Mercer has a team of specialists focused on financial wellness vendor research and monitoring.

Give Employees Help, Not Hype

There’s a lot of financial advice out there; most have a not-so-hidden agenda, linking advice to investment programs and products. At Mercer, we are transparent with our clients and help them be transparent with their employees.

I would like to receive communications about products and offerings from Mercer. I understand that I can unsubscribe at any time.

By clicking Submit, I agree to the use of my personal information according to the Mercer Privacy Statement. I understand that my personal information may be transferred for processing outside my country of residence, where standards of data protection may be different.

There are some errors processing this form. Please check the fields and try again.